Stock markets across the Gulf traded higher on Thursday, with investors drawing confidence from a wave of upbeat corporate earnings and renewed speculation that tensions between Washington and Tehran could ease in the coming weeks.
Saudi Arabia’s main index edged up 0.2%, helped by a strong rally in energy and technology-linked stocks. ACWA Power climbed 6.5%, while Elm Company surged 10% after reporting a sharp jump in first-quarter earnings, giving fresh energy to the Riyadh market.
In Dubai, the benchmark index added 0.8%, led by a powerful move in Emirates Central Cooling Systems Corp., which soared 7.8% after posting stronger quarterly results that impressed investors.
The broader regional mood also drew support from diplomatic developments surrounding Iran and the United States. Tehran confirmed it was examining a U.S. proposal aimed at formally ending hostilities, though major sticking points remain unresolved — including Washington’s push for limits on Iran’s nuclear activities and guarantees tied to the Strait of Hormuz, one of the world’s most critical oil shipping routes.
Despite the lingering uncertainty, traders appeared encouraged that negotiations were still alive.
Elsewhere in the UAE, Abu Dhabi’s index gained 0.3%, supported by a 1.4% rise in Abu Dhabi Islamic Bank.
The UAE government also pushed back against criticism from Tehran over its ties with Washington, insisting that its international defense and strategic partnerships are sovereign decisions that do not threaten regional stability.
Qatar’s stock exchange also moved into positive territory, with the benchmark index rising 0.2% as investors continued to rotate into regional equities amid improving sentiment.
